Oil Speculators Driving Up Price Of Oil Based On Iran Nuclear Threat
The last time the price of Brent crude closed below $100 a barrel was Oct. 6, 2011. It’s since gone up nearly 30 percent, to a high of $126.20 on March 1. Tensions over Iran’s nuclear program have people spooked that a potential attack would disrupt the country’s 2.2 million barrels of daily oil exports. And so money has been pouring into oil futures contracts, driving up the price without any significant change in the underlying supply-and-demand fundamentals. Only the threat of one.
So who’s buying?
Read the whole story at Bloomberg
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Alec Shelbrooke: Iran: Military Action? Why Not Rule it Out?
The decisions relating to Iran at this moment in history will have far reaching consequences that could affect every man, women and child in the world and must be the decision and resolution of the widest multilateral coalition that is possible.
Filed by Harry Bradford